The federal control board that oversees the finances of Puerto Rico’s government approved a $12.4 billion general fund budget on Thursday for the U.S. territory after legislators failed to approve one amid intense bickering, the Associated Press reported. The board’s version of the budget was rejected last month by Gov. Pedro Pierluisi because it reduced government spending by $100 million.
Puerto Rico in Distress
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Authorities announced Thursday they have suspended the operations of Puerto Rico-based Euro Pacific International Bank, which officials previously said was under suspicion of facilitating money laundering and offshore tax evasion, the Associated Press reported. The bank was founded by Peter Schiff, a U.S.
Officials in Puerto Rico announced another electric rate increase Wednesday, the seventh in a year amid continuing power outages and the U.S. territory’s economic crisis, the Associated Press reported. For a client that consumes 800 kilowatt hours, the new rate will be 33 cents per kwh, compared with the previous 29 cents. The average U.S.
McKinsey & Co. has been a top government consultant since 2016 in Puerto Rico, helping the U.S. territory’s financial overseers manage its spending. In that time, corporate clients of the consulting firm have won tens of billions of dollars of government business, new disclosures show, the Wall Street Journal reported.